First Mutual Holdings Limited (FMHL) has made a decision to unbundle its entire stake in its actuarial consultancy business, African Actuarial Consultants (AAC). The transaction creates a leading, independent actuarial consultancy firm that is poised to grow in the Africa market.
AAC has been sold to Frankmash Enterprises (Private) Limited, a company owned by Mr Tinashe Frank Mashoko, who is himself an acco…mplished actuary with experience in global and broad business spanning 19 years in the profession. Mr Mashoko has hitherto been the leader of PriceWaterhouseCoopers (PwC) Actuarial Risk & Quants responsible for the Rest of Africa region. Prior to this role he was the Chief Risk Officer at Old Mutual Emerging Markets (South Africa, Rest of Africa, China, India and Mexico). He has worked at Old Mutual Plc (London) as a Senior Life Actuary as well as Old Mutual South Africa in several senior roles. In addition, he was at the helm of Alexander Forbes Financial Services (Africa operations).
The business has been sold as a going concern and FMHL are confident that they are hand over a sound actuarial consultancy with highly skilled, competent staff who will benefit from the new leadership whose vision is to grow an independent, leading actuarial consulting group with a broad global perspective in both the business and actuarial sphere.
AAC will continue operating under the same brand name and will also continue to provide comprehensive actuarial services to the First Mutual Holdings Limited Group. There will be no disruption to services during the transition period and beyond.
“We take pride in having nurtured a business with excellent skills and ability to service the Zimbabwean and regional market. We wish the team every success for the future”, noted Farayi Mangwende, Group Marketing & Strategy Executive at First Mutual Holdings Limited.
African Actuarial Consultants is also pleased to announce its partnership with Quantum Consultants and Actuaries for whom it will conduct actuarial function responsibilities with effect from 1 January 2016. Frankmash Enterprises (Private) Limited has acquired 49% of Quantum Consultants and Actuaries.
